Strongbow Exploration Inc. (SBW: TSXV) is pleased to announce it has entered an agreement with Xstrata Copper Canada, allowing Xstrata the option to earn up to a 75% interest in Strongbow's Inza copper-gold property, located in the Quesnel Trough region of central British Columbia. The 6,104 ha property is road accessible, approximately 54 km north-northwest of the community of Fort St. James. Exploration work completed by Strongbow has identified a 1,100 by 1,200 metre, drill ready copper-gold porphyry target on the property and Xstrata intends to complete a drilling program during the 2011 summer field season. All required approvals and permits are in place for the drilling program.
Under the terms of the agreement, Xstrata may earn an initial 51% interest by making staged cash payments to Strongbow totalling $100,000 and incurring cumulative exploration expenditures totalling $1.1 million over a 4 year period. Upon vesting at a 51% interest in the property, a joint venture will be formed and Xstrata will maintain the right to earn a further 24% interest (75% interest total) by funding the completion of a pre-feasibility study and a feasibility study or incurring $20 million in expenditures towards the completion of a prefeasibility study and a feasibility study on the property.
Strongbow's 2011 exploration programs are conducted under the supervision of David Gale, P.Geo. (BC), Vice-President of Exploration for Strongbow and a qualified person under NI 43-101.
STRONGBOW EXPLORATION INC.
/s/"Kenneth A. Armstrong"
Kenneth A. Armstrong
President and CEO
For further information, please contact:
Ken Armstrong
President and CEO
Tel: 604 668 8355
David Gale
Vice-President, Exploration
Tel: 604 668 8355
Email: info@strongbowexploration.com
Website: www.strongbowexploration.com